Robertet investor's meeting thread
2 Maubert family members present to show that they remain in control. New general manager also there.
Ingredient division is central at RBT.
RBT strength: Natural, strong culture, independance, agility
Business model: from seed to scent
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Offensive in certification strategy
40% of sales are billed in USD.
Distribution ratio will increase progressively from 25 to 40%. Rule is it must not hinder RBT growth.
Willingness to integrate much more (IT...)
USA still has lots of potential.
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Shares bought back should be used for external growth. at a lesser extent to give liquidity to family members. Won't be cancelled.
Before end of 2030, aiming for 1 Billion € in sales.
South America, Africa and south east Asia: growing markets.
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RBT are late on these markets but are speeding up (matches with general manager's pedigree at L'Oreal Japan).
Have the largest natural portfolio (2* bigger then competitors).
Looking for acquisitions in natural, technologie and ingredients.
GM: target is to accelerate
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Lots of potential at international.Essentially aim is to accelerate.
Maubert family reminds that initially they only held 12% but with time increased it to 47%.Reinforced their control.
Firmenich 3 years ago thought that with change of generation at RBT that they had a window.
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Givaudan: we are FF leaders, not in naturals, Danesco didn't work out so lets be there. Different approach then Firmenich.
Current generation: 8 family members. Next generation: 20. F tried to buy some shares from family members as share price increased.
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Latest share repurchase=10 year shareholder pact. Now family members who are operationnal have a majority stake.
Double voting rights after 5 years.
Maubert: the most important is to control the company and get the work done. We don't look at the stock price, it's our culture.
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Firmenich control change: DSM said they won't change their holding in RBT. No discussions with them.
RM supplies: no supply disruption. More logistics problem.
Energy cost represents 2% of sales. Gaz is important for us not electricity.
H1 2022 growth: 1/4 linked to forex.
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Price increases will be seen in H2. Some clients have spot contracts other on longer periods.
Price increases are fast in RM division. Take more time in Perfumes and aromas.
LT relationships with clients.
Made in Grasse is very much appreciated, will invest in China.
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Aiming for 30% of supplies to certified Bio by 2030.We are not farmers but have great relationships with them.
USA and Europe:we won market share by taken it form competition.
Aiming for 20 to 30% of sales to come from Asia and south america. Africa is very important for us.
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At executive committee we have one person dedicated to Intertnational.
China: using much more perfumes. niche perfumes what counts is the brand.We are catching up part of our delay. Is becoming a consumer market in perfumes.Lots of growth through local brands like in Japan
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and South Korea in the past.
Dividend which increases: the non operationnals were serviced through the offer, we do this once and it's over. Not a single famlily bracnh is completely out.
Price increases asked to client is a win win deal as LT relationship.
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Leverage is at 1,1 compared to 4 with competition. Can get 200 to 300 M€ through financial leverage and we would still have a low leverage.
IMO: great company and family. I am a shareholder.
@LuchesiPhilippe
is going to do a big recap!
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